Russian companies express desire to engage in Ethiopia, supply their products to local market

Addis Ababa, October 23, 2024 (FBC) – During a meeting with a high-level delegation from Ethiopia, various Russian companies have expressed their intention to invest in Ethiopia and supply their products extensively to the local market in the East African nation.

Note that Prime Minister Abiy Ahmed led an Ethiopian delegation to Russia to participate in the BRICS Summit in Kazan. After its arrival in the Tatarstan republic’s capital, the Ethiopian delegation held a business forum with the Tatarstan Investment Development Agency on Tuesday, October 22, 2024.

On this occasion, Ethiopia’s Minister of State for Foreign Affairs, Ambassador Mesganu Arga, emphasized that Ethiopia is always keen to further strengthen its longstanding friendship with Russia in the field of economy.

He highlighted that both countries should seize the opportunity presented by the BRICS Summit to enhance their cooperation in investment and trade. Oleg Korobchenko,

Deputy Prime Minister and Minister of Industry and Trade of the Republic of Tatarstan, expressed that investors from the republic are eager to engage in Ethiopia.

He confirmed that the Tatarstan Republic of Russia aims to expand its potential in agriculture, industry, and robotics to Ethiopia.

Meanwhile, the CEO of Ethiopia’s Industrial Parks Development Corporation (IPDC), Mr. Fisseha Yetagsu, provided Tatarstan-based companies with an overview of his country’s macroeconomic reform, priority investment areas, and incentives for foreign investors.

Additionally, Ethiopia’s Minister of Mines, Mr. Habtamu Tegegn, stated that Russian companies would benefit from engaging in the mining sector in his country.

In response, officials from Tatarstan-based companies expressed their desire to invest in Ethiopia and indicated that they will send a delegation to the East African nation in the near future.

It indicated that the Ethiopian delegation visited various companies in Kazan on the sidelines of the ongoing BRICS+ Summit.